Russia Partners calls for Eurocement meeting

01 December 2005

The Russia Partners fund of the United States, which owns over 40 per cent of Russian cement company Eurocement has sent a request to the Eurocement board, calling for a shareholders meeting, A1 said in a press release. A1, a subdivision of the Alfa Group consortium, is partnering Russia Partners in a project with Eurocement and is a consultant for the management of these assets. Russia Partners wants the meeting’s agenda to include the re- election of all executive bodies in the company. The list of candidates for the board of directors includes A1 managers.

Russia Partners and A1 say there are several reasons why the elections are required. These include A1 plans to participate actively in day-to-day management decisions and the company’s strategic development. The release also says that the "board majority (which represents the Eurocement group) has led to a serious conflict with the Federal Antimonopoly Service and the construction industry." Russia Partners and A1 say they are not happy with the financial state of affairs at Eurocement.